September 27, 2018 / 11:42 AM / 8 months ago

RPT-ICRA ratings for Indian debt instruments-Sep 27

 (Repeating to add additional ratings)
    Sep 27(Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 26, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Capital First Home Finance Ltd          CP programme          ICRA A1+     7000    Assigned
Capital First Ltd                       CP programme          ICRA A1+     50000   Assigned
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     100000  Outstanding
                                        financing)
Ecl Finance Ltd                         CP Program            ICRA A1+     50000   Outstanding
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     5000    Outstanding
Ecl Finance Ltd                         ST Principal          PP-MLDICRA   9000    Outstanding
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Asset Reconstruction          CP Programme          ICRA A1+     20000   Assigned /
Co. Ltd                                                                            Outstanding
Hira Electro Smelters Ltd               Non-FB                ICRA A4      105     -
Reason for delay in carrying out periodic review:-Issuer not cooperating
Iifl Holdings Ltd                       CP programme          ICRA A1+     -       Withdrawn
Iifl Holdings Ltd                       ST Debt programme     ICRA A1+     -       Withdrawn
Jm Financial Capital Ltd                CP programme (IPO     ICRA A1+     5000    Assigned
                                        Financing)
Jm Financial Capital Ltd                CP programme (IPO     ICRA A1+     5000    Outstanding
                                        Financing)
Jm Financial Capital Ltd                CP Programme          ICRA A1+     10000   Outstanding
Mahindra Asset Management               Mahindra Liquid Fund  ICRA A1+mfs  -       Reaffirmed
Company Pvt Ltd
Mahindra Asset Management               Mahindra Low Duration ICRA A1+mfs  -       Reaffirmed
Company Pvt Ltd                         Bachat Yojana
Principalpnbasset Management            Principal Low         ICRA A1+mfs  -       Reaffirmed
Company Pvt Ltd                         DurationFund
Placed on rating watch with developing implication
Principalpnbasset Management            Principal Cash        ICRA A1mfs   -       Downgraded
Company Pvt Ltd                         ManagementFund                             from ICRA
                                                                                   A1+mfs
Placed on rating watch with developing implication
River Engineering Pvt Ltd               ST -Non FundBased     ICRA A4+     75      Withdrawn
Rlj Concast Pvt Ltd                     Non-fund Based        ICRA D       147.9   Revised from
                                                                                   ICRA A4+
(Moved to ‘Issuer Not Cooperating’ category)
Satyavan Sales Promotion Pvt            ST-Non Fund Based     ICRA A4      75      -
Ltd
Reason for delay in carrying out periodic review:Review process is underway
Scorpios Apparels Pvt Ltd               ST -Fund Based        ICRA A4+     140     -
Reason for delay in carrying out periodic review:-Issuer not cooperating Link tothe last Press
Release published on ICRA website: Rating Rationale last Published On ICRA Website
Scorpios Apparels Pvt Ltd               ST -Non Fund Based    ICRA A4+     10      -
Reason for delay in carrying out periodic review:-Issuer not cooperating Link tothe last Press
Release published on ICRA website: Rating Rationale last Published On ICRA Website
Sln Cnc Techpvt Ltd                     Non-Fund Based        ICRA A4      7.5     -
ISSUER NOT COOPERATING
Tata Asset Management Ltd               Tata Liquid Fund      ICRA A1+mfs  -       Outstanding
                                        (erstwhile Tata Money
                                        Market
Tata Asset Management Ltd               Tata Money Market FundICRA A1mfs&  -       Downgraded
                                                                                   from ICRA
                                                                                   A1+mfs
Placed on rating watch with developing implication
Tata Capital Financial                  Short-TL              ICRA A1+     33500   Reaffirmed
Services Ltd
Tata Capital Financial                  CP Program            ICRA A1+     150000  Outstanding
Services Ltd
Union Asset Management Company          Union Liquid Fund     ICRA A1mfs   -       Downgraded
Pvt Ltd                                                                            from ICRA
                                                                                   A1+mfs
Cholamandalam Investment And            Second Loss Facility  ICRA A       -       Reaffirmed
Finance Co. Ltd -Platinum
Trust March 2017- Tranche II
Cholamandalam Investment And            PTC Series A          ICRA AAA     -       Reaffirmed
Finance Co. Ltd -Platinum
Trust March 2017- Tranche II


LONG TERM RATINGS:
-------------------
Alivelu Rice Products                   Long term -fund       ICRA D       100     Revised from
                                        based limits                               ICRA B-
Rating continues to remain under ‘Issuer Not Cooperating’category
Bharat Financial Inclusion Ltd          PTC Series A1         Provisional  7390.7  Confirmed as
                                                              ICRA AA              final
Bharti Axa General Insurance            Subordinated debt     ICRA AA-     2200    -
Companyltd                              programme
Reason for delay in carrying out periodic review:-Review process is underway
Cenosphere India Pvt Ltd                Bk Fac                ICRA B-/A4   72      -
Reason for delay in carrying out periodic review:-Issuer not cooperating
Cholamandalam Investment And            Second Loss Facility  ICRA A       -       Reaffirmed
Finance Co. Ltd- Platinum
Trust December 2017 Tranche II
Cholamandalam Investment And            PTC Series A          ICRA AAA     -       Reaffirmed
Finance Co. Ltd- Platinum
Trust December 2017 Tranche II
Cholamandalam Investment And            PTC Series A          ICRA A       -       Reaffirmed
Finance Co. Ltd - Platinum
Trust
February 2017
Cholamandalam Investment And            PTC Series A          ICRA AAA     -       Reaffirmed
Finance Co. Ltd - Platinum
Trust
February 2017
Cholamandalam Investment And            Second Loss Facility  ICRA A       -       Reaffirmed
Finance Co. Ltd- Platinum
Trust February 2018
Cholamandalam Investment And            PTC Series A          ICRA AAA     -       Reaffirmed
Finance Co. Ltd- Platinum
Trust February 2018
Cholamandalam Investment And            Second Loss Facility  ICRA A       -       Reaffirmed
Finance Co. Ltd-Platinum Trust
June 2017
Cholamandalam Investment And            PTC Series A          ICRA AAA     -       Reaffirmed
Finance Co. Ltd-Platinum Trust
June 2017
Ecl Finance Ltd                         Retail NCD Programme  ICRA AA      20000   Outstanding
Ecl Finance Ltd                         NCD Programme         ICRA AA      81362.5 Outstanding
Ecl Finance Ltd                         Subordinated Debt     ICRA AA      11500   Outstanding
                                        Programme
Ecl Finance Ltd                         Bk Lines              ICRA AA /    180000  Assigned /
                                                              ICRA A1+             Outstanding
Ecl Finance Ltd                         LT Principal          PP-MLDICRA   3000    Outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme (Unsecured and Subordinated)
Ecl Finance Ltd                         LT Principal          PP-MLDICRA   21116.3 Outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Asset Reconstruction          NCD Programme         ICRA AA      10500   Outstanding
Co. Ltd
Edelweiss Asset Reconstruction          NCD Programme         ICRA AA-     20000   Assigned
Co. Ltd
Edelweiss Asset Reconstruction          Bk Lines              ICRA AA-     5000    Outstanding
Co. Ltd
Edelweiss Asset Reconstruction          NCD Programme         ICRA AA-     5000    Outstanding
Co. Ltd
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  2500    Outstanding
Co. Ltd                                 Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  5000    Outstanding
Co. Ltd                                 Protected Market      AA
                                        Linked Debenture Programme
Hira Electro Smelters Ltd               FB: TL                ICRA BB      56.8    -
Reason for delay in carrying out periodic review:-Issuer not cooperating
Hira Electro Smelters Ltd               FB: CC                ICRA BB      80      -
Reason for delay in carrying out periodic review:-Issuer not cooperating
Iifl Holdings Ltd                       Secured NCD programme ICRA AA      -       Withdrawn
Indian Express Newspapers               Fund based-TL         ICRA AA      4800    Affirmed
(Mumbai) Pvt Ltd
Isha Steel Treatment Pvt Ltd            LT-Fund based TL      ICRA A       1200    Assigned
Jm Financial Capital Ltd                NCD Programme         ICRA AA      2000    Outstanding
Jm Financial Capital Ltd                LT Equity Linked      PP-MLDICRA   2000    Outstanding
                                        Debentures (Principal AA
                                        Protected)
Machilipatnam Urban                     LT Unallocated        Provisional  13850   Assigned
Development Authority                                         ICRA A
Orix Propack Pvt. Ltd                   FB –TL                ICRA B+      48.5    Assigned
Orix Propack Pvt. Ltd                   FB –CC                ICRA B+      15      Assigned
Rideema Toll Bridgepvt Ltd              Fund Based –TL        ICRA BB+     700     -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Rideema Toll Bridgepvt Ltd              Non-FBL               ICRA BB+     522     -
(Rating moved to the ‘Issuer Not Cooperating’ category)
River Engineering Pvt Ltd               LT -Fund Based/ CC    ICRA BB+     160     Withdrawn
River Engineering Pvt Ltd               LT -Fund Based TL     ICRA BB+     40      Withdrawn
Rlj Concast Pvt Ltd                     Fund Based-TL         ICRA D       310.1   Revised from
                                                                                   ICRA BB
(Moved to ‘Issuer Not Cooperating’ category)
Rlj Concast Pvt Ltd                     Fund Based-CC         ICRA D       156     Revised from
                                                                                   ICRA BB
(Moved to ‘Issuer Not Cooperating’ category)
Satyavan Sales Promotion Pvt            LT-Fund Based/CC      ICRA BB-     125     -
Ltd
Reason for delay in carrying out periodic review:Review process is underway
Scorpios Apparels Pvt Ltd               LT / ST -Unallocated  ICRA BB/A4+  167.3   -
Reason for delay in carrying out periodic review:-Issuer not cooperatingLink tothe last Press
Release published on ICRA website: Rating Rationale last Published On ICRA Website
Shri Sode Vadiraja Mutt                 Fund based-TL         ICRA D       210     -
Education Trust
(ISSUER NOT COOPERATING)
Sln Cnc Techpvt Ltd                     Fund Based            ICRA B+      66.6    -
ISSUER NOT COOPERATING
Sln Cnc Techpvt Ltd                     Unallocated           ICRA B+/A4   25.9    -
ISSUER NOT COOPERATING
Tata Asset Management Ltd               Tata Dynamic Bond FundICRA AAAmfs  -       Outstanding
Tata Asset Management Ltd               Tata Income Fund      ICRA AAAmfs  -       Outstanding
                                        (erstwhile Tata LT
                                        Debt Fund)
Tata Asset Management Ltd               Tata Treasury         ICRA AAAmfs  -       Outstanding
                                        Advantage Fund
                                        (erstwhile Tata Ultra ST Fund)
Tata Asset Management Ltd               Tata ST Bond Fund     ICRA AAmfs&  -       Downgraded
                                                                                   from ICRA
                                                                                   AAAmfs
Placed on rating watch with developing implication
Tata Capital Financial                  Perpetual Debt        ICRA AA+     10865.5 Outstanding
Services Ltd                            Programme
Tata Capital Financial                  LT FB Limits          ICRA AAA     116500%#Reaffirmed
Services Ltd
%Includes Rs. 3,253crore that is interchangeable between long-term fund-based limits and
long-term loans / #Includes Rs. 925crorethat isinterchangeable between long-term fund-based
limits and long-term non-fund basedlimits
Tata Capital Financial                  Long-TL               ICRA AAA     45000   Reaffirmed
Services Ltd
Tata Capital Financial                  LT Non-FBL            ICRA AAA     5000    Reaffirmed
Services Ltd
Tata Capital Financial                  NCDs Programme        ICRA AAA     125297.3Outstanding
Services Ltd
Tata Capital Financial                  Subordinated Debt     ICRA AAA     14054.5 Outstanding
Services Ltd                            Programme
Tata Motors Finance Ltd -               PTC Series A          ICRA AAA     -       Reaffirmed
Indian Receivable Trust
December 2017 B
Tata Motors Finance Ltd -               Second Loss Facility  ICRA BBB     -       Reaffirmed
Indian Receivable Trust
December 2017 B
Tata Motors Finance Ltd-                PTC Series A          ICRA AAA     -       Reaffirmed
Indian Receivable Trust
December 2017 B
Tata Motors Finance Ltd-                Second Loss Facility  ICRA BBB     -       Reaffirmed
Indian Receivable Trust
December 2017 B
Tata Motors Finance Ltd -               PTC Series A          ICRA AAA     -       Reaffirmed
Indian Receivable Trust June
2018
Tata Motors Finance Ltd -               Second Loss Facility  ICRA BBB     -       Reaffirmed
Indian Receivable Trust June
2018
Tata Motors Finance Ltd -               PTC Series A          ICRA AAA     -       Reaffirmed
Indian Receivable Trust
September 16 B
Tata Motors Finance Ltd -               Second Loss Facility  ICRA BBB     -       Reaffirmed
Indian Receivable Trust
September 16 B
Tata Motors Finance Ltd-                PTC Series A          ICRA AAA     -       Reaffirmed
Indian Receivable Trust June
2018 B
Tata Motors Finance Ltd-                Second Loss Facility  ICRA BBB     -       Reaffirmed
Indian Receivable Trust June
2018 B
Tata Motors Finance Ltd-                PTC Series A          ICRA AAA     -       Reaffirmed
Indian Receivable Trust
September 16 B
Tata Motors Finance Ltd-                Second Loss Facility  ICRA BBB     -       Reaffirmed
Indian Receivable Trust
September 16 B
Union Asset Management Company          Union ST Fund*        ICRA AAAmfs  -       Outstanding
Pvt Ltd
*Formerly Union Ultra Short Term Debt Fund
United Telecoms Ltd                     FBL                   ICRA D       590     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
United Telecoms Ltd                     Non-FBL               ICRA D       3060    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)





--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)
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